He started a business with my mom in 1999. Add the sole breadwinners. both can claim capital gains on the sale?
Written agreement in 1999, giving all profits and losses shall be divided. With the sale of hate to see one of us stuck with income tax of 30% + and the other with profits capital of 15%. Thoughts and reference (IRS forms)?
Not as bad as the previous answer is sought. You choose the easiest method accounting. Option fairly common. Sale can be written as often as you like. You can have it in writing to 100, if desired. You can make it as easy or as complex as the sole provider of your choice. would have 15% capital gains, but all hard assets. You may need to recover the depreciation of some. Tax income on some assets of less than 2 years. His compensation is the issue. It is the basis of agreement of 15% capital gains over 2 years in power? As a promise of employee stock. Or .. you might be caught as it is income in the year of sale. Taxed at the rate of income tax. I think his agreement: the holding of a bond / stock / etc, has the potential gain or loss clings to the LT capital gain. You had no option to have income any time. The only thing I agree with the previous answer is: consult a professional (DUH!) I am sure that is only looking for points to appear as you consult a professional. How do some people become major contributors? Confident that their vote is of himself. Good luck!
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